The number of new unicorn companies increased in 2024, with AI startups in the U.S. leading the charge, according to Crunchbase data. The Crunchbase Unicorn Board added 110 new billion-dollar startups worldwide, up from 100 in 2023. The U.S. saw the largest gains, with 65 new unicorns—a significant jump from 42 the previous year—driven by a surge in AI innovation and investment.
While AI dominated unicorn creation, fintech and healthcare also contributed to the rise. Despite this growth, unicorn formation remains well below the 600+ companies that reached billion-dollar status during the 2021 startup boom.
U.S. Leads Unicorn Growth, China Declines
The U.S. maintained its dominance in unicorn creation, particularly in AI and emerging technologies. Among the most notable new AI unicorns in 2024 were:
- xAI – Elon Musk’s foundation model company ($50B valuation)
- Infinite Reality – 3D immersive environment startup ($12B valuation)
- Perplexity – AI search startup ($9B valuation)
- Quantinuum – Quantum computing services company ($5.3B valuation)
- Safe Superintelligence – Newly launched foundation model company ($5B valuation)
Meanwhile, China’s unicorn creation slowed, with only 17 new unicorns, down from 29 in 2023. Huawei Technologies’ smart car subsidiary, Yinwang Smart Technology ($16B valuation), emerged as China’s most valuable new unicorn. Other key players include:
- Innoscience – Chip manufacturer ($3.2B valuation)
- Zhuzhou CRRC Times Semiconductor – Semiconductor company ($3.2B valuation)
- Moonshot AI – Foundation model company ($3.3B valuation)
- StepStar – AI-driven startup ($1B valuation)
Growth Across India, Singapore & Europe
Beyond the U.S. and China, several countries experienced notable unicorn growth:
- India saw an increase from two unicorns in 2023 to six in 2024, primarily in finance and transportation.
- Singapore welcomed three new unicorns, up from zero in 2023, across banking, Web3, and semiconductor assembly.
- Europe remained stable, with:
- UK adding five unicorns (same as 2023)
- France maintaining two new unicorns
- Germany declining from four to two unicorns in 2024
- Key sectors: analytics, fintech, healthcare, and e-commerce
AI startups accounted for the largest share of new unicorns, with companies focusing on foundation models, AI infrastructure, and AI-driven coding solutions. Other high-growth sectors included:
- Fintech – 12 unicorns spanning banking, payments, credit, and wealth management
- Healthcare & Biotech – 9 unicorns
- Energy & Web3 – 8 unicorns each
- Professional Services – 7 unicorns, including business analytics, legal tech, and supply chain startups
- Robotics & Cybersecurity – 6 unicorns each
Across multiple industries, AI played a crucial role in service offerings, demonstrating its cross-sector impact.
Early-stage companies achieved unicorn status at a faster rate in 2024 compared to 2023. According to Crunchbase News, 39 startups reached a $1B+ valuation in Seed, Series A, or Series B rounds, a 70% increase year-over-year.
- 59 unicorns (the majority) were five years old or younger when they hit the $1B valuation
- 33 unicorns were between six and ten years old
- 18 unicorns took more than ten years to reach billion-dollar status
While younger companies are reaching unicorn status faster, this does not necessarily translate to quicker exits, as many unicorns continue to delay IPOs and acquisitions.
The AI sector continues to dominate venture capital investment, fueling rapid unicorn creation. However, broader economic conditions, funding trends, and market maturity will determine whether 2025 sees continued growth or a slowdown.
With over 1,500 private unicorns now valued at a collective $5 trillion, the startup ecosystem remains a crucial driver of technological innovation and economic growth worldwide.
